Here are today's par rates:
30 Yr Fixed Conforming
5.5%

30 Yr Fixed FHA
5.375%

What's going on in the market:
The good news this Wednesday morning is that bonds prices have halted their retreat, currently trading flat to the market close on Tuesday. On the economic front the good news remains in hiding as quarterly profit, or loss, reports from publicly traded companies continue to disappoint. And ADP reported this morning job losses for January could be 522,000, which is close to what economists are projecting the Labor Department will tell us on Friday. The current forecast is for job losses of 535,000 with the unemployment rate rising from 7.2% to 7.50%.

We have been waiting for the rates to drop back into the 4% range, but based on the economic reports coming in, it doesn't look like that is going to happen any time soon. The U.S. Treasury announced its plans to sell a record $67 billion in long term debt next week. The auction schedule is for $32 billion of 3 year notes on Tuesday, $21 billion of 10 year notes on Wednesday, and $14 billion of 30 year bonds on Thursday. The Treasury also announced it will increase the frequency of 30 year bond auctions and will bring back the 7 year note, which has not been auctioned since 1993. If any form of the Obama stimulus plan passes Congress, and if more funds are required to bailout financial institutions, we will see ever increasing debt sales.


All the Best,

Etta Foote
Sr. Loan Officer
Specializing in FHA, Conventional, Rehab & Construction Loans
EVOFI One
702-293-0563 ho
503-551-2522 cell
702-947-7463 wo
702-952-0695 fax w/cover
website: www.evofione.com/etta.foote
email: ettaken@msn.com

Labels: 30 yr fixed, condos lending, constructions loans, etta foote, fha, lending